Cat-23 · T371 · Capital Markets Settlement · UK T+1 Oct 2027

Securities Lending Recall Revenue Impact Modeler

Under UK T+1 settlement (effective October 2027), lent securities must be recallable same-day or T+1 to avoid fails and CSDR penalties. This tool quantifies the revenue impact of shortening tenor mix, the penalty cost avoided, the net P&L outcome, and the optimal rebalancing strategy for your lending programme.

UK T+1 Oct 11 2027 ISLA Guidance CSDR Art.7 Penalties FCA Dear CO Jan 2026 Zero PII · Browser-only
v1.0

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Panel 01 Lending Book

Total assets available for lending

45%

Portion of AUM actively on loan

Typical: 10–500 bp equities · 5–50 bp bonds

Panel 02 Current Tenor Mix (must sum to 100%)
20%

Open / demand loans — low fee, immediate recall

30%

Short term — T+1 recall feasible with notice provisions

30%

Medium term — recall requires contractual notice periods

20%

Long term — highest fee income but recall near-impossible for T+1

Tenor mix sums to 100% ✓
Panel 03 T+1 Recall Constraints
15%

Structural constraints preventing same-day recall

T+1 requires same-day or T+1 recall capability

Equities: 1 bp/day · Bonds: 0.1 bp/day · MMI: 0.5 bp/day

5%

% of settlements that would fail under current recall capability

Revenue Impact Results Calculating...
AP2 Policy Mandate Export

Regulatory Citations

[1]UK Accelerated Settlement Taskforce (AST) T+1 Implementation — securities lending recall requirements under T+1 (effective October 11, 2027)
[2]THEIA T+1 Industry Report, January 2026 — Securities lending identified as the highest operational impact area for T+1 transition
[3]ISLA (International Securities Lending Association) T+1 Operational Guidance — contractual recall provisions, notice period standards, counterparty framework
[4]CSDR Article 7 — Settlement penalty regime: equities 1 bp/day, sovereign bonds 0.1 bp/day, money market instruments 0.5 bp/day on fail value
[5]FCA T+1 Dear Chief Officer Letter, January 2026 — Recall obligations, operational readiness expectations, and supervisory focus on securities lending under T+1